Litecoin Price Chart

Litecoin (LTC) is a peer-to-peer digital currency created from Bitcoin’s original codebase. It was designed to be faster and more efficient for everyday transactions.

LTC is known for its key feature of having a fixed supply of 84 million coins and global availability. As a digital property, anyone around the world can own LTC. Its limited supply and economic design, similar to Bitcoin, make it quite attractive to investors.

A Brief History of Litecoin

Litecoin (LTC) was launched in 2011 by Charlie Lee, a former Google engineer. Often referred to as “silver to Bitcoin’s gold,” it was designed to complement Bitcoin and address its perceived limitations, particularly transaction speed and cost.

It’s worth noting that Litecoin generates blocks every 2.5 minutes, significantly faster than Bitcoin’s 10-minute intervals. This difference translates to quicker transaction processing, making Litecoin potentially better suited for everyday use.

LTC utilizes a different algorithm for proof-of-work (PoW), the process by which miners validate transactions and secure the network. Unlike Bitcoin’s SHA-256, Litecoin’s PoW algorithm is called Scrypt, which is more memory-intensive. This methodology discourages large-scale mining operations controlled by specialized hardware, theoretically making mining more accessible to individual miners.

In conclusion, Litecoin aims to be a more scalable and efficient version of Bitcoin, facilitating faster and potentially lower-cost transactions for everyday use.